Two fined for involvement in multiple IPO share applications
7 July 2009   |   Kuala Lumpur
The Kuala Lumpur Sessions Court today fined Yunus bin M. Haniff and Ramly bin Hussain for using third party names in a multiple IPO share application scheme.

Both Yunus and Ramly were fined after they pleaded guilty to offences under Section 9(1) of the Securities Industry (Central Depositories) Act 1991 (SICDA) for failing to comply with Rule 26.02 of the Rules of the Malaysian Central Depository Sdn Bhd. The said Rule provides that no person shall maintain more than one CDS account at any authorised depository agent/stockbroking company.

Yunus pleaded guilty to two charges for the offence under section 9(1) SICDA while Ramly pleaded guilty to abetting Yunus on both these offences.

Judge Mohd. Zaki Bin Abdul Wahab of the Kuala Lumpur Sessions Court fined each of them RM10,000 for the first charge (in default 2 months imprisonment) and RM15,000 for the second charge (in default 3 months imprisonment).

The prosecution against Yunus and Ramly was initiated in 2005 after their failure to pay a compound meted by the Securities Commission.
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